03 August 2006

McCreevy welcomes CESR-SEC Work Plan on enforcement of IFRS

Commissioner McCreevy welcomed the CESR publication of a Work Plan with the US SEC that outlines concrete measures to facilitate transatlantic financial activity within a sound and protective framework. This Work Plan is an important step in bringing about operational and supervisory cooperation between regulators to ensure consistent enforcement of International Financial Reporting Standards (IFRS) and US GAAP. The Work Plan also covers other areas such as the modernisation of financial reporting and disclosure and the discussion of risk management practices.

The Work Plan also includes further cooperation and exchanges of views on the evaluation of Information Technology (IT) solutions for the disclosure and storage of corporate information and for the development of regulatory platforms for risk management.

Press release

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